#Semi-autonomous And Autonomous Vehicles Market size

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Semi-autonomous And Autonomous Vehicles Market - Forecast(2024 - 2030)

𝐒𝐞𝐦𝐢-𝐚𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐀𝐧𝐝 𝐀𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 : 𝐋𝐞𝐚𝐫𝐧 𝐀𝐥𝐥 𝐲𝐨𝐮 𝐍𝐞𝐞𝐝 𝐓𝐨 𝐊𝐧𝐨𝐰 𝐀𝐛𝐨𝐮𝐭 (𝐋𝐚𝐭𝐞𝐬𝐭 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧)

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://bit.ly/3wyeIYp

𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 𝐬𝐨𝐦𝐞 𝐤𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 :

𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧: Continuous advancements in sensor technologies, artificial intelligence, and computing power are driving the development of semi-autonomous and autonomous vehicles. Manufacturers are integrating advanced driver assistance systems (ADAS), such as adaptive cruise control, lane-keeping assist, and automatic emergency braking, to enhance vehicle automation levels and improve safety.

𝐑𝐢𝐬𝐞 𝐨𝐟 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐚𝐧𝐝 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐞𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬: The shift towards electric and connected vehicles is influencing the development of semi-autonomous and autonomous technologies. Electric vehicles (EVs) and connected vehicles provide a platform for the integration of autonomous features, such as predictive maintenance, remote diagnostics, and over-the-air updates, enhancing the overall driving experience and functionality of autonomous systems.

𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬 𝐚𝐧𝐝 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬: Governments worldwide are implementing regulations and standards to govern the deployment and operation of semi-autonomous and autonomous vehicles. Regulatory frameworks address safety, cybersecurity, data privacy, and liability issues associated with autonomous driving technology. Compliance with regulatory requirements is essential for the widespread adoption and acceptance of autonomous vehicles.

𝐆𝐞𝐭 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨 @ https://bit.ly/44HuVHb

𝐌𝐚𝐣𝐨𝐫 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Humanetics | Alphawave Semi | Scientific Research Corporation | Autonomous Everything @ ZF | ZF Group | BMW Group | Continental | Navistar Inc | Daimler Truck AG | Delphi | Volkswagen Group | e& UAE | KPIT | Yandex | Tata Elxsi | FAW | Lucid Motors | Zoox | Cruise

#AutonomousVehicles #SelfDrivingCars #DriverlessTechnology #FutureMobility #ConnectedCars #SmartTransportation #UrbanMobility #AIinTransportation #AutomotiveInnovation #SafetyTechnology

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Semi-Autonomous Vehicle Market Outlook On The Basis Of Level Of Automation, Vehicle Type, Region And Forecast To 2028: Grand View Research Inc.

San Francisco, 13 July 2023: The Report Semi-Autonomous Vehicle Market Size, Share & Trends Analysis Report By Level of Automation (Level 1, Level 2, Level 3), By Vehicle Type (Passenger Car, Commercial Vehicle), By Region, And Segment Forecasts, 2021 – 2028 The global semi-autonomous vehicle market demand is anticipated to reach 60.1 million units by 2028, exhibiting a CAGR of 20.8% over the…

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Future Scope of Unmanned Aerial Vehicle Market Size Expects to See Significant Growth At CAGR 12.23% During Period 2020-2027 | Worth USD 25.13 Million

The globalunmanned aerial vehicle market is expected to gain momentum from the increasing advancements in the field of drones. They are capable of analyzing millions of images for enhancing the decision-making skills of the management in a wide range of industries.Fortune Business Insights™presented this information in a new report, titled, “Unmanned Aerial Vehicle Market Size, Share & COVID-19 Impact Analysis, By Class (Small UAVs, Tactical UAVs, and Strategic UAVs), By Technology (Remotely Operated, Semi-autonomous, and Fully-autonomous), By System (UAV Airframe, UAV Payloads, UAV Avionics, UAV Propulsion, and UAV Software), By Application (Military, Commercial and Recreational), and Regional Forecast, 2020-2027.” The report further states that the unmanned aerial vehicle (UAV) market size wasUSD 10.72 billionin 2019 and is projected to reachUSD 25.13 billionby 2027, exhibiting a CAGR of 12.23% during the forecast period.

Information Source:

Competitive Landscape-

Key Players Focus on Delivering Essentials via UAVs to Prevent Coronavirus Infection

The market is highly fragmented with the presence of a wide range of manufacturing companies all over the world. Some of them are presently focusing on delivering essentials through drones owing to the COVID-19 pandemic. The others are focusing on mergers and acquisitions with other local enterprises to strengthen their positions. Below are a couple of the latest industry developments:

June 2020: After Wing, a firm owned by Google parent Alphabet launched its new drone delivery service in Virginia, Kelly Passek became the first customer. She is a middle-school librarian who petitioned the company to deliver library books to help kids in reading and learning amidst the COVID-19 pandemic.

September 2019: Rafael Advanced Defense Systems, a defense company based in Israel, successfully acquired Aeronautics Limited worth USD 240 million. This would help the latter to combine its expertise in intelligence, surveillance and reconnaissance with Rafael’s large network in the U.S. market.

The outbreak of the COVID-19 pandemic has halted the operations of several companies. But, some of them have resumed their production processes by stringently following social distancing and low workforce measures. We will soon be able to overcome this situation with the discovery of a vaccine. Our report would provide detailed information about the effects of this pandemic on every market. You can gain business confidence by selecting the right strategy.

Drivers & Restraints-

Need to Avoid Physical Contact amidst COVID-19 to Skyrocket Demand

The effect of COVID-19 pandemic on the market is likely to remain moderate backed by the increasing usage of drones by the regulatory bodies worldwide to monitor public gatherings, thereby limiting direct physical contact. Antwork Inc., a China-based drone delivery company, for instance, provided medical supplies and reduced the involvement of humans by using drones. Also, in countries, such as the Netherlands, Belgium, Spain, India, China, Russia, and France, UAVs are extensively being used to spray disinfectants on government buildings, emergency hospitals, and public healthcare infrastructure. However, the strict government norms and laws regarding the usage of airspace to eliminate accidental damages may hamper the unmanned aerial vehicle market growth in the coming years.

Segment-

Commercial Segment to Grow Rapidly Backed by Investment by Companies to Develop Air Taxi

In terms of application, the market is fragmented into commercial, residential, and military. Out of these, the commercial segment generated 4.6% in terms of unmanned aerial vehicle market share in 2019. This growth is attributable to the increasing usage of UAVs in logistics, forest monitoring, crop monitoring, aerial mapping, and surveying. Besides, industry giants, such as Uber and DHL Logistics are investing hefty amounts of money to develop Air Taxi and innovating air transportation, respectively. These factors would also contribute to the growth of this segment. 

Regional Analysis-

Increasing Usage of Drones in Military Applications to Spur Growth in North America

Geographically, in 2019, North America held USD 3.88 billion in terms of revenue. The region is anticipated to dominate during the forthcoming years owing to the rising usage of UAVs in several military applications. The U.S. houses a large number of renowned military UAVs manufacturers who are gaining a competitive edge by exporting their products to numerous countries worldwide.

Europe, on the other hand, is expected to grow moderately stoked by the high demand for navigation systems, avionics, software solutions, and cameras in the region. In Asia Pacific, the high demand for advanced warfare UAVs for tactical and strategic applications would affect the market growth positively in the near future. The major importers in this region are China, Pakistan, and India.

This Report Answers the Following Questions:

What are the market dynamics, drivers, and obstacles?

Which company will generate the largest revenue in the near future?

How will COVID-19 impact the sales of UAVs?

Which strategies are being adopted by companies to intensify competition?

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Automotive 3D Map System Market to surpass USD 12.8 Bn  by 2032

Automotive 3D Map System Market size will reach USD 12.8 billion by 2032. The growing focus on vehicle safety and efficiency is a significant driver in the market. According to WHO, the number of annual road traffic deaths has seen a slight decrease, now standing at 1.19 million. As governments and regulatory bodies worldwide implement stricter safety standards, automakers are increasingly incorporating advanced 3D mapping technologies to enhance vehicle safety features. These systems provide real-time, precise mapping data that supports various safety functions, such as lane departure warnings, collision avoidance systems, and adaptive cruise control. Additionally, the push for greater fuel efficiency and reduced emissions is driving the adoption of 3D map systems, as they enable optimized route planning and efficient navigation, helping to minimize fuel consumption and reduce overall vehicle wear and tear.

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The augmented reality segment will witness decent growth through 2032, as the integration of AR into navigation allows for a more immersive and intuitive driving experience. This technology enhances situational awareness by providing drivers with real-time, context-aware information, such as turn-by-turn directions, hazard warnings, and points of interest, directly on the windshield or head-up display (HUD). The augmented reality navigation is gaining traction as it offers a safer and more engaging way to navigate, reducing the cognitive load on drivers and helping them make better-informed decisions on the road.

The software segment will grow rapidly through 2032, driven by the rise of autonomous and semi-autonomous vehicles. Automotive manufacturers and tech companies are investing in sophisticated software solutions that can process vast amounts of data, providing accurate and detailed 3D maps. These maps are essential for safe and efficient navigation, especially in complex urban environments. The software not only supports real-time updates and integration with various sensors but also enhances the overall driving experience by delivering high-resolution, interactive maps that are crucial for advanced driver-assistance systems (ADAS) and autonomous driving technologies.

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Europe Automotive 3D Map System Industry size will expand significantly over 2024-2032, driven by a strong automotive sector, coupled with stringent regulations around vehicle safety and emissions. European automakers are at the forefront of integrating 3D map technologies into their vehicles, supported by a well-established infrastructure for autonomous and connected vehicles. Moreover, the region's focus on innovation and sustainability is encouraging the development of more efficient and accurate mapping solutions that cater to the needs of both conventional and electric vehicles. Countries like Germany, France, and the UK are leading the charge, with significant investments in research and development, as well as collaborations between automakers and tech companies.

Partial chapters of report table of contents (TOC):

Report Content

Chapter 1   Methodology & Scope

1.1    Market scope & definitions

1.2    Base estimates & calculations

1.3    Forecast calculations

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1   Paid sources

1.4.2.2   Public sources

Chapter 2   Executive Summary

2.1    Industry 3600 synopsis, 2018-2032

Chapter 3   Industry Insights

3.1    Industry ecosystem analysis

3.2    Supplier landscape

3.2.1    Component supplier

3.2.2    Technology providers

3.2.3    Software providers

3.2.4    Distributors

3.2.5    End users

3.3    Profit margin analysis

3.4    Vendor matrix

3.5    Technology & innovation landscape

3.6    Patent analysis

3.7    Key news & initiatives

3.8    Regulatory landscape

3.9    Impact forces

3.9.1    Growth drivers

3.9.1.1   The proliferation of autonomous driving technology

3.9.1.2   Rising advancements in sensor technology

3.9.1.3   Integration with cloud computing and connectivity

3.9.1.4   The rise of Electric Vehicles (EVs) and shared mobility services

3.9.2    Industry pitfalls & challenges

                                   3.9.2.1. High cost associated with developing and deploying advanced 3D mapping technology

3.9.2.2   Data privacy and security concerns

3.10    Growth potential analysis

3.11    Porter’s analysis

3.11.1    Supplier power

3.11.2    Buyer power

3.11.3    Threat of new entrants

3.11.4    Threat of substitutes

3.11.5    Industry rivalry

3.12    PESTEL analysis

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact us:

Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: +1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: sales@gminsights.com 

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Data Collection and Labeling Market Analysis: Trends, Opportunities, and Key Players

The data collection and labeling market is integral to the development of machine learning models and artificial intelligence (AI) systems. As businesses increasingly rely on AI and data-driven decision-making, the demand for high-quality, labeled data is growing. This article provides a comprehensive analysis of the data collection and labeling market, highlighting current trends, opportunities, and key players shaping the industry.

To Get a Snapshot of the Data Collection and Labelling Market Report, Download a Free Report Sample

Market Overview

Definition and Scope

Data collection and labeling involve gathering raw data and annotating it to provide context and meaning. This process is essential for training AI models to recognize patterns, make predictions, and perform various tasks. The market includes services related to:

Data Collection: Gathering raw data from various sources, including text, images, audio, and video.

Data Labeling: Annotating and categorizing data to create training datasets for machine learning algorithms.

Market Size and Growth

The global data collection and labeling market has experienced substantial growth in recent years, driven by the proliferation of AI technologies and big data analytics. As of 2024, the market size is estimated to be USD 8.5 billion, with a projected compound annual growth rate (CAGR) of 23% from 2024 to 2030. This growth reflects the increasing adoption of AI across industries such as healthcare, finance, automotive, and retail.

Key Trends

1. Rise of AI and Machine Learning

The expansion of AI and machine learning technologies is a major driver of the data collection and labeling market. Companies are investing heavily in AI to enhance their operational efficiency and gain competitive advantages. High-quality labeled data is crucial for training accurate and effective AI models, leading to increased demand for data collection and labeling services.

2. Growth in Autonomous Vehicles

The development of autonomous vehicles requires vast amounts of labeled data for training computer vision systems and other AI components. As the automotive industry continues to advance towards autonomous driving, the demand for data labeling services for image and video data is expected to grow significantly.

3. Emphasis on Data Privacy and Security

With the increasing use of personal data in AI applications, there is a growing emphasis on data privacy and security. Organizations are implementing stringent measures to ensure that data collection and labeling processes comply with privacy regulations such as GDPR and CCPA. This focus on data protection is influencing how data is collected, processed, and labeled.

4. Use of Synthetic Data

Synthetic data, generated through simulations or data augmentation techniques, is becoming more prevalent. It allows companies to create diverse and high-quality datasets without relying solely on real-world data. The use of synthetic data is expected to enhance the efficiency of data labeling processes and reduce costs.

Market Opportunities

1. Expansion in Emerging Markets

Emerging markets are witnessing rapid growth in AI adoption, creating opportunities for data collection and labeling service providers. Countries in Asia-Pacific, Latin America, and Africa are investing in AI technologies, leading to increased demand for localized data collection and labeling services.

2. Advancements in Data Annotation Tools

The development of advanced data annotation tools and platforms is streamlining the data labeling process. Automated and semi-automated solutions are improving efficiency and accuracy, making it easier for businesses to manage large volumes of data. Investing in innovative annotation tools presents significant opportunities for market players.

3. Collaboration with AI Startups

Collaboration with AI startups and technology innovators can provide data collection and labeling companies with access to cutting-edge technologies and new business opportunities. Partnerships with startups can enhance service offerings and drive innovation in data annotation techniques.

4. Integration with Cloud Services

The integration of data collection and labeling services with cloud platforms is improving scalability and accessibility. Cloud-based solutions offer flexibility and cost-effectiveness, enabling businesses to manage and process data more efficiently. Providers that offer cloud-based data labeling services can tap into a growing market segment.

Key Players

1. Appen Limited

Appen Limited is a leading player in the data collection and labeling market, offering a range of services including data annotation, data collection, and AI training data. With a global workforce and extensive expertise, Appen supports various industries in building high-quality datasets for AI and machine learning applications.

Competitive Advantages:

Diverse Data Collection Capabilities: Expertise in gathering and labeling diverse data types.

Global Crowdsourcing Network: Access to a large pool of data annotators across different regions.

Advanced Annotation Tools: Utilizes cutting-edge tools for efficient data labeling.

2. Lionbridge AI

Lionbridge AI provides data collection and labeling services with a focus on high-quality annotations and diverse data types. The company leverages its global network of annotators and advanced technology to deliver comprehensive data solutions for AI development.

Competitive Advantages:

Large Annotator Pool: Extensive network of skilled data annotators.

Customizable Solutions: Tailors services to meet specific client needs.

High Accuracy Standards: Emphasizes accuracy and consistency in data labeling.

3. Scale AI

Scale AI is known for its scalable data labeling solutions, offering services that include image and video annotation, text labeling, and data validation. The company focuses on providing high-quality labeled data for AI and machine learning applications.

Competitive Advantages:

Automated Labeling Tools: Utilizes automation to enhance efficiency.

Flexible Pricing Models: Offers various pricing options to suit different budgets.

Focus on Speed: Known for fast turnaround times on data labeling projects.

4. Amazon Mechanical Turk (MTurk)

Amazon Mechanical Turk (MTurk), an Amazon Web Services (AWS) offering, provides a platform for crowdsourced data labeling and collection. MTurk connects businesses with a global workforce for data annotation tasks, offering flexibility and scalability.

Competitive Advantages:

Crowdsourcing Platform: Access to a large pool of workers for data labeling tasks.

Integration with AWS: Seamless integration with AWS services.

Cost-Effective Solutions: Offers competitive pricing for data labeling projects.

5. CloudFactory

CloudFactory specializes in providing managed data labeling services and automation solutions. The company combines human intelligence with machine learning tools to deliver high-quality data for AI and machine learning models.

Competitive Advantages:

Managed Services: Offers end-to-end data labeling services.

Human-Machine Collaboration: Integrates human intelligence with AI tools.

Scalable Solutions: Provides scalable solutions for large-scale data projects.

Conclusion

The data collection and labeling market is poised for significant growth, driven by the increasing demand for AI and machine learning technologies. Key trends such as the rise of autonomous vehicles, emphasis on data privacy, and advancements in data annotation tools are shaping the market. Opportunities in emerging markets, collaboration with AI startups, and integration with cloud services present promising avenues for growth. As the market evolves, key players like Appen Limited, Lionbridge AI, Scale AI, Amazon Mechanical Turk, and CloudFactory continue to drive innovation and deliver high-quality data solutions.

[chetanagblog]

Semi-Autonomous and Autonomous Vehicles Market CAGR is expected to be 38.8% during the forecast period and the market size is expected to reach nearly US$ 602 Bn. by 2030.

[automotivetransportationresearch]

Semi-Autonomous & Autonomous Trucks and Buses Market Growth Projections by 2035

The global the Semi-autonomous & autonomous Trucks and Buses market size is projected to grow from USD 40.7 Billion in 2024 to USD 179.9 Billion by 2035, at a CAGR of 14.4%. The Semi-autonomous & autonomous Trucks and Buses market is experiencing robust growth due to the  government mandates on autonomous vehicle safety, and advancement in autonomous driving technologies. Additionally, increasing…

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Electrical Components Market - Forecast (2024-2031)

Electrical Components Market Overview

The Electrical Components market size is forecast to reach USD 1.6 trillion by 2031, after growing at a CAGR of 3.2% during the forecast period 2024-2031.  Electrical components of diversified ranges are imperative to several industries as they are responsible for controlling currents or voltages, and several other long-running advantages. The growth of the Electrical Components Industry is influenced by a number of prominent factors, such as rising penetration of industrial IoT for digital twins, advancements in semiconductor technology and popularity of the Stretchable Electronic applications. Electrical components are an indispensable part of every business sector, including industrial manufacturing, automotive, healthcare, aviation and many more. In addition, the avant-garde opportunities offered by the next generation electronic devices, such as smartphones, laptops, wearable electronics and bioelectrical devices continue to promote the growth of the market. Therefore, the surge of new age of technologies, pertinent to autonomous vehicles, bioelectrical devices, AI-powered computer assistants, and other array of innovations propelled the growth of the Electrical Components Market.

Report Coverage

The report “Electrical Components Market – Forecast (2024-2031)”, by IndustryARC, covers an in-depth analysis of the following segments of the Electrical Components market.

By Building Automation: Building Automation, Datacom Accessories, Security & Wiring Accessories

By Cables & Wires: Datacom Cables, LV Cables, MV&HV Cables and Special Cables.

By Energy Distribution: MV&HV Energy Distribution

By Industrial Automation: Automation Controls, Auxiliary Controls, Drives & Motion Controls, Measurement Controls and Relays.

By Lighting: Fixtures, Lamps & LEDs

By Power Distribution: Cable Management, Enclosures & Panels, and LV Electrical Distribution

By Renewable Energies: HVAC and Renewable energy.

By Safety & Tools: Safety Equipment, Working Tools & Accessories and Others

By Geography:  Americas, South America, Europe, APAC, and RoW.

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Key Takeaways

•  Asia Pacific region is analyzed to be the major region for the Electrical Components Market, owing to the promising penetration of smartphones, prominence of electronics manufacturing sectors and expansion of the IT and telecom sectors.

•  Heating, ventilation, and air conditioning (HVAC) technology is expected to emerge with high growing owing to the growing adoption of smart homes and related technologies. 

•  The strong penetration of smartphone and other kinds of smart devices along with the prevalent demand of bandwidth connectivity are some of the factors that resulting to the positive impact on the market growth. 

By Product - Segment Analysis

By building automation, the Electrical Components Market is segmented into Building Automation, datacom accessories, security and Wiring accessories. Among them, security segment is analyzed to hold the maximum share of 40% in 2023. The dominance of the segment is witnessed owing to government initiatives to promote the smart sensors owing to the rising concern of safety along with the growing adoption of smart home technologies. For Instance: According to World Bank Reports, Indonesia has shown significant growth in the investments done in industrialization and construction sector owing to different smart city projects and building automation programs. 

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By Lighting - Segment Analysis

By lighting, the Electrical Components Market is segmented into Fixtures and lamps & LEDs. Out of which lamps & LEDs is analyzed to hold the maximum share of 57% in 2023. The growth of segment is attributed owing to the escalating adoption of LED lighting in both the urban and semi-urban provinces of the country. For Instance: In the present scenario, India is rapidly evolving from utilizing conventional products to LEDs. The LED lighting is being precisely adopted in residential, commercial and industrial sectors across the country. According to Electric Lamp and Component Manufacturers Association of India (ELCOMA) has estimated that India LED sector is estimated to reach around $681.14 billion by the end of the year 2031 Moreover, the Initiatives taken by the central government is positively influencing the surge and adoption of emergency lighting in India.

By Geography - Segment Analysis

Asia Pacific region is analyzed to be the major region with a growth rate of 3.6% for the Electrical Components Market, owing to the promising penetration of smartphones, prominence of electronics manufacturing sectors, expansion of the IT and telecom sectors and government support for initiating IoT and LTE integration. By 2025, the GSMA predicts that 5G networks will reach 1.2 billion connections or one-third of the world's population. The rising integration of 5G network services across the globe is observed to boost the demand for electronic components. The market growth is being driven by several factors such as increasing demand for consumer electronics, the rollout of 5G networks and the growth of high-speed data communication, advancements in IoT, and increasing industrial automation. In January 2023, Renesas unveiled a new intelligent power device (IPD) for automobiles that manage power distribution in cars flexibly and safely to satisfy the demands of the next E/E (electrical/electronic) designs. Thus, this is expected to drive market growth during the forecast period.

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Drivers – Electrical Components Market

•  Rise of Renewable Energy Solution

Asia Pacific was the dominating renewable energy market with a market share of over 35% in 2023. It is estimated that over half of the renewable energy across the globe is consumed in Asia Pacific region. The rapid industrialization and urbanization in the region had resulted in the rapid increase in the pollution levels. Furthermore, a rapid increase in the population and rise in the residential projects in the region is fuelling the demand for the electricity.

•  Large-scale adoption of Industrial Automation Solution

The Industrial Automation solution has been witnessing rapid advancement in recent years, which eventually highlighted the emergence of latest wireless devices and other industrial communication solutions, thereby driving the growth of the Electrical Components Market. The global supplier of IoT intelligent systems, Industry 4.0, and machine automation solution, Advantech expanded its line of device servers and Modbus gateways with the launch of the EKI-1521I-SC-A, EKI-1221I-MT-A, and EKI-1222I-SC-A. These Advantech solutions are fiber optics ports for providing enhanced connectivity in services, including long distance transmission as well as protocol conversion. Therefore, the expansion of industrial IoT for digital twins and augmented reality technology are some of the factors that are analyzed to drive the growth of the Electrical Components Market.

Challenges – Electrical Components Market  

Economic Impact by Covid-19 pandemic

The outbreak of Covid-19 pandemic represents as the twin challenges to lives and livelihoods. The implication of the pandemic to business is very disruptive, and most of the industry verticals, such as manufacturing, construction, power and other sector are witnessing economic complexities. Hence, these unexpected pandemic consequences brought severe repercussions to various electrical components, and impede the growth of Electrical Components Market.

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Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Electrical Components Market. The Electrical Components Market top 10 companies include:

ABB Ltd.

Siemens AG

Schneider Electric SE

General Electric Company

Eaton Corporation

Mitsubishi Electric Corporation

Hitachi, Ltd.

Panasonic Corporation

TE Connectivity Ltd.

Amphenol Corporation

Developments:

In 2022 ABB India declared to expand and upgrade the small power manufacturing unit in Bengaluru, India. The manufacturing facility would help cater to the growing demand for low-voltage power equipment and components from the industries.

In 2022 Hitachi Energy invested $37 million to expand its transformer manufacturing unit in Virginia. This development would likely cater to the increase in requirements for transformers from industrial facilities, data centers, and renewable energy generators. 

[market-insider]

The Future of the Automotive Aftermarket: Emerging Trends and Predictions

The global automotive aftermarket industry size is expected to reach USD 589.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.9% from 2024 to 2030. Digitalization of automotive repair & component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid & autonomous cars, in the years to come, is further expected to bolster the demand for new components.

Automotive Aftermarket Industry Report Highlights

The automotive aftermarket is estimated to grow significantly over the forecast period, owing to an increase in the number of lightweight vehicles coupled with the increasing age of the light vehicle fleet

In terms of market size, the tire segment is expected to account for the largest share of 22.5% in 2023.

In terms of market size, the retail segment dominated the market with a share of 55.5% in 2023 and is expected to remain dominant throughout the forecast years.

In terms of market size, the original equipment segment dominated the market with a share of 70.5% in 2023. The OE segment is anticipated to dominate the aftermarket arena in terms of size by 2030.

In terms of market size, the genuine parts segment dominated the market with a share of 51.6% in 2023. The genuine parts segment is anticipated to dominate the aftermarket arena, in terms of size, by 2030.

The Asia Pacific automotive aftermarket dominated the market with a share of 28.8% in 2023. The regional market is expected to have significant growth from 2024 to 2030.

For More Details or Sample Copy please visit link @: Automotive Aftermarket Industry Report

Furthermore, the increasing vehicle penetration is driven by the overall improvement of lifestyle in developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in the region. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of automotive aftermarket component sales over the forecast period. Third-party services and technology offer new and profitable revenue streams, to leverage all these opportunities.

In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create a great surge in demand. The rise of digital channels or social media influence is also fueling the sale of the automotive aftermarket. These online channels provide customers with all the information regarding the price of the past, and the prior user experience, making the purchasing process smoother. To support the initiatives for leveraging market foothold, the manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships.

The Asia-Pacific regional market is expected to be the fastest growing market for aftermarket over the forecast period, owing to its developing living standards and high vehicle production. It is also anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated to the repair of particular vehicles are expected to increase. The global aftermarket is expected to witness tremendous growth due to an upsurge in the number of vehicle collisions along with the inclination of owners toward the repair of their automobiles.

List of Key Players of Automotive Aftermarket Industry

3M Company

Continental AG

Cooper Tire & Rubber Company

Delphi Automotive PLC

Denso Corporation

Federal-Mogul Corporation

HELLA KGaA Hueck & Co.

Robert Bosch GmbH

Gain deeper insights on the market and receive your free copy with TOC now @: Automotive Aftermarket Industry Report

We have segmented the automotive aftermarket industry report based on replacement parts, distribution channel, service channel, certification, and region.

Automotive Aftermarket Replacement Part Outlook

Tire

Battery

Brake parts

Filters

Body parts

Lighting & Electronic components

Wheels

Exhaust components

Turbochargers

Others

Automotive Aftermarket Distribution Channel Outlook

Retailers

Wholesalers & Distributors

Automotive Aftermarket Service Channel Outlook

DIY (Do It Yourself)

DIFM (Do It for Me)

OE (Delegating to OEM’s)

Automotive Aftermarket Certification Outlook

Genuine Parts

Certified Parts

Uncertified Parts

Automotive Aftermarket Regional Outlook

North America

Europe

Asia Pacific

South America

Middle East & Africa

Research Methodology

We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Contact:

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll-Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Explore Horizon, the world's most expansive market research database

[industryforecastnews]

Automotive Aftermarket Industry To Reach $589.01 Billion By 2030

Automotive Aftermarket Industry Growth & Trends

The global automotive aftermarket industry size is expected to reach USD 589.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.9% from 2024 to 2030. Digitalization of automotive repair & component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid & autonomous cars, in the years to come, is further expected to bolster the demand for new components.

Furthermore, the increasing vehicle penetration is driven by the overall improvement of lifestyle in developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in the region. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of automotive aftermarket component sales over the forecast period. Third-party services and technology offer new and profitable revenue streams, to leverage all these opportunities.

In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create a great surge in demand. The rise of digital channels or social media influence is also fueling the sale of the automotive aftermarket. These online channels provide customers with all the information regarding the price of the past, and the prior user experience, making the purchasing process smoother. To support the initiatives for leveraging market foothold, the manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships.

The Asia-Pacific regional market is expected to be the fastest growing market for aftermarket over the forecast period, owing to its developing living standards and high vehicle production. It is also anticipated to be the fastest-growing market in automobile production. With the growing penetration and acceptance of gas and hybrid electric cars, specialized repair centers dedicated to the repair of particular vehicles are expected to increase. The global aftermarket is expected to witness tremendous growth due to an upsurge in the number of vehicle collisions along with the inclination of owners toward the repair of their automobiles.

Digitization of component delivery sales & services, along with the advent of an online portal distributing aftermarket components in synchrony with the global auto-part supplier groups, are expected to draw huge investments from key companies. For instance, the leading market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, would drive the global market demand in the years to come. Owing to the above-mentioned trade gateways, online aftermarket business arcade parades have high potential in developing countries. In addition, growing online sales of automotive components are estimated to deliver significant demand for the market.

Companies are now shifting to digital platforms owing to the smoother experience for customers. In January 2020, Continental AG announced its online portal that will contain a portfolio of all of its services and information about its products for the market. The value chain of the market comprises two primary segments: automotive replacement part suppliers and service enablers. These prime industry segments are exchanging value through the automotive sectors at several intermittent stages. Access to elaborative component assortment coupled with the simplicity of transactions, delivered through the digitalization of the global automotive component sales, is destined to resolve the obtainability issues, thereby driving the automobile aftermarket industry.

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Automotive Aftermarket Industry Report Highlights

The automotive aftermarket is estimated to grow significantly over the forecast period, owing to an increase in the number of lightweight vehicles coupled with the increasing age of the light vehicle fleet

In terms of market size, the tire segment is expected to account for the largest share of 22.5% in 2023.

In terms of market size, the retail segment dominated the market with a share of 55.5% in 2023 and is expected to remain dominant throughout the forecast years.

In terms of market size, the original equipment segment dominated the market with a share of 70.5% in 2023. The OE segment is anticipated to dominate the aftermarket arena in terms of size by 2030.

In terms of market size, the genuine parts segment dominated the market with a share of 51.6% in 2023. The genuine parts segment is anticipated to dominate the aftermarket arena, in terms of size, by 2030.

The Asia Pacific automotive aftermarket dominated the market with a share of 28.8% in 2023. The regional market is expected to have significant growth from 2024 to 2030.

Regional Insights

The North America automotive aftermarket is anticipated to grow at a CAGR of 2.7% from 2024 to 2030. In addition, there is a growing trend of vehicle customization in the region, where owners modify their vehicles to reflect their tastes and preferences. This includes aftermarket upgrades, such as performance parts, aesthetic enhancements, audio systems, lighting modifications, and more.

U.S. Automotive Aftermarket Industry Trends

The automotive aftermarket in the U.S. held a dominant share of 76.4% in 2023. The U.S. has seen a significant expansion of e-commerce channels. Online retailers and marketplaces have gained popularity due to the convenience of purchasing parts and accessories online. E-commerce offers a wide range of products, competitive pricing, and simplified shopping experiences.

Europe Automotive Aftermarket Industry Trends

The Europe automotive aftermarket is expected to reach USD 110.29 billion by 2030. Europe is at the forefront of automotive technology, and this has influenced the aftermarket sector. The integration of advanced technologies in vehicles, such as ADAS, electric and hybrid systems, and connectivity features, has created opportunities for aftermarket solutions and retrofits to meet the changing needs of European vehicle owners.

Automotive Aftermarket Industry Segmentation

Grand View Research has segmented the automotive aftermarket industry report based on replacement parts, distribution channel, service channel, certification, and region:

Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2017 - 2030)

Tire

Battery

Brake parts

Filters

Body parts

Lighting & Electronic components

Wheels

Exhaust components

Turbochargers

Others

Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)

Retailers

OEMs

Repair Shops

Wholesalers & Distributors

Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2017 - 2030)

DIY (Do It Yourself)

DIFM (Do It for Me)

OE (Delegating to OEM’s)

Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2017 - 2030)

Genuine Parts

Certified Parts

Uncertified Parts

Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2017 - 2030)

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Asia Pacific

China

India

Japan

South America

Brazil

Middle East & Africa

List of Key Players of Automotive Aftermarket Industry

3M Company

Continental AG

Cooper Tire & Rubber Company

Delphi Automotive PLC

Denso Corporation

Federal-Mogul Corporation

HELLA KGaA Hueck & Co.

Robert Bosch GmbH

Valeo Group

ZF Friedrichshafen AG

Browse Full Report: Automotive Aftermarket Industry Report

[databridgemarket456]

The semi-autonomous and autonomous vehicle market size is valued at USD 2,576.97 million by 2028 and is expected to grow at a compound annual growth rate of 3.3% over the forecast period of 2021 to 2028.

[bhavesh2022]

Europe Electric Trucks Market Key Players, Growth, Share and Key Trends by 2028

Business Market Insights market research Europe Electric Trucks Market Size and Share Report | 2028 is now available for purchase. This report offers an exclusive evaluation of a range of business environment factors impacting market participants. The market information included in this report is assimilated and reliant on a few strategies, for example, PESTLE, Porter's Five, SWOT examination, and market dynamics

Europe Electric Trucks market is evaluated based on current scenarios and future projections are added keeping the projected period in consideration. This report integrates the valuation of Europe Electric Trucks market size for esteem (million USD) and volume (K Units). Research analysts have used top-down, bottom-up, primary, and secondary research approaches to evaluate and approve the Europe Electric Trucks market estimation.

Detailed scrutiny of market shares, optional sources, and basic essential sources has been done to integrate only valid facts. This research further reveals strategies to help companies grow in the Europe Electric Trucks market.

Key objectives of this research are:

To contemporary market dynamics including drivers, challenges, threats, and opportunities in the Europe Electric Trucks market.

To analyze the sum and market estimation of the worldwide Europe Electric Trucks market

Based on key facets, market segments are added.

The competitive analysis covers key market players and their business strategies.

To examine the Europe Electric Trucks Market for business probable and strategic outlook.

To review the Europe Electric Trucks Market size, key regions and countries, end-users, and statistical details.

To offer strategic recommendations based on the latest market developments, and Europe Electric Trucks market trends.

Perks of Business Market Insights’ Europe Electric Trucks Market Research

Market Trends: Our report reveals developing Europe Electric Trucks market trends that are poised to reshape the market preparing businesses with the foresight to retain their competitive edge. This Market research report presents market trends, supply chain analysis, leading participants, and business growth strategies. This research covers technological progress and key developments covering various aspects of the inclusive market. It is valuable market research for existing key players as well as new entrants in the Europe Electric Trucks Market. Through inputs derived from experts, this research attempts to guide future investors about market details and potential returns on investment. 

Competitive Landscape: This research reveals key market players, their strategies, and possible areas for differentiation.

Analysts Viewpoint: We have industry-specific experts who add credibility to this report with their exclusive viewpoints based on market understanding and expertise. This report goes further into details of entire business processes and doesn’t restrict to only operational aspects. These insights cover venture economics and include tactics for capital investment, investor funding, and projections of ROIs.  Net income and profit loss financial stats are crucial metrics of this Europe Electric Trucks market report. With these meticulous insights companies can reduce their risks and increase the success rate in the coming decade. 

Europe Electric Trucks Market Report Coverage:

Report Attributes

Details

Segmental Coverage

Propulsion

BEV

PHEV

and FCV

Vehicle Type

LCV and Medium & HCV

Range

Less than 200 miles and More than 200 Miles

Level of Automation

Semi-Autonomous and Fully Autonomous

Regional and Country Coverage

North America (US, Canada, Mexico)

Europe (UK, Germany, France, Russia, Italy, Rest of Europe)

Asia Pacific (China, India, Japan, Australia, Rest of APAC)

South / South & Central America (Brazil, Argentina, Rest of South/South & Central America)

Middle East & Africa (South Africa, Saudi Arabia, UAE, Rest of MEA)

Market Leaders and Key Company Profiles

AB Volvo

BYD Company Ltd.

Daimler AG

FAW Group Co., Ltd

Navistar, Inc.

PACCAR Inc.

Proterra Inc.

Rivian

Scania

Tesla, Inc.

Other key companies 

What all adds up to the credibility of this research?

A comprehensive summary of the contemporary Europe Electric Trucks market scenario

Precise estimations on market revenue forecasts and CAGR to rationalize resources

Regional coverage to uncover new markets for business

Rivalry analysis aims to help corporations at a modest edge

Facts-based crystal-clear insights for business success

The research can be customized as per business necessities

Access to PDF, and PPT formats of this research

Author’s Bio: Bhavesh Shinde Senior Market Research Expert at Business Market Insights

[tyronem413]

The Future of Freight: SBA Funding and Innovation in the Trucking Sector

In the ever-evolving landscape of transportation, the trucking sector stands as a cornerstone of global commerce. As technological advancements reshape industries, the trucking sector is witnessing a significant transformation, fueled by innovation and financial backing. In this article, we explore how Small Business Administration (SBA) funding and innovation are shaping the future of freight transportation.

The Role of SBA Funding:

Small and medium-sized enterprises (SMEs) constitute a significant portion of the trucking industry, playing a vital role in delivering goods across vast distances. However, access to capital has often been a challenge for these businesses. Recognizing this, the SBA has stepped in to provide crucial financial support through loans and grants.

SBA loans offer favorable terms, including low-interest rates and flexible repayment options, enabling trucking companies to invest in modernization and expansion. Moreover, grants provided by the SBA empower businesses to explore innovative solutions that enhance efficiency and sustainability.

Innovation in Trucking:

Technology is revolutionizing every aspect of the trucking sector, from fleet management to last-mile delivery. One of the most significant innovations is the integration of Internet of Things (IoT) devices and telematics systems. These technologies provide real-time data on vehicle performance, driver behavior, and cargo conditions, allowing for proactive maintenance and route optimization.

Autonomous vehicles represent another frontier in trucking innovation. While fully autonomous trucks are still in development, semi-autonomous systems are already making waves, enhancing safety and productivity on the road. With continued advancements, autonomous trucks have the potential to revolutionize long-haul freight transportation, reducing costs and minimizing human error.

Furthermore, the rise of electric and alternative fuel vehicles is driving sustainability in the trucking industry. Electric trucks offer zero-emission solutions, reducing carbon footprints and complying with stringent environmental regulations. As battery technology improves and charging infrastructure expands, electric trucks are poised to become a mainstream option for freight transportation.

The Future Outlook:

Looking ahead, the future of freight transportation is bright with possibilities. SBA funding continues to serve as a catalyst for growth, empowering small trucking businesses to thrive in a competitive market. Innovation, fueled by advancements in technology, will redefine the way goods are transported, making logistics more efficient, cost-effective, and sustainable.

However, challenges remain, including regulatory hurdles, infrastructure limitations, and workforce development. Addressing these challenges will require collaboration between government agencies, industry stakeholders, and technology providers to create a supportive ecosystem for innovation and growth.

Conclusion

In conclusion, the future of freight in the trucking sector is characterized by a synergy of SBA funding and innovation. By leveraging financial support, such as SBA trucking loans, and embracing technological advancements, trucking companies can navigate the road ahead with confidence, unlocking new opportunities and driving economic prosperity.